HELOC is just a credit line, So you can buy/rehab and refinance with a regular loan in order to pay back your HELOC if you want or pay back the HELOC with time.Depending on the type (1% Payback or Interest Only Payback) if you borrow 80k, your monthly payments would be $800 - if you were renting for say $1000+ and covered all expenses, then you could just pay back your HELOC and if rates adjusted, your payments is still 1% payback - you would just have more interest added on for the life of the loan.I have a HELOC and opened it up to be able to fund my rehabs or have extra $ to close on a deal.

All of these folks are multiple buyers, suggesting they've had success and been happy with the properties they've been collecting so far.So, bottom line, Killeen can absolutely rock it.

My lawyer says this - " The bottom line is that he missed a lien during a title search and now his buyer is stuck with the bill"

Typically you have a line that says you or someone you work with or someone you find will buy the property.  

This is in line with my thinking when investors self identify for a 506(b) offering. 

This is a program where 1st time home-buyers who make at or under a certain % of the area median income (say 80% or less for example) qualify to apply for the grant, certain banks receive grant funds so you would need to ask your bank if they participate in this programRehab costs: $40,000 (lot of sweat-equity)Appraised: $385,000NEW PITI $1785/month: Refinanced into a loan of $260,000 ($325,000 with 20% down, 30 year fixed rate portfolio loan @ 4.375%) and pulled out $61,000 ($260,000 minus $191,00 owed on old loan minus $8000 closing costs) I could have taken out a higher loan (due to the appraised value) and received more cash-out $, but I wanted to be conscious of what my new PITI would be and make sure I could cash-flow going down the road.DetailsBefore Renovation- 864 sq ft - 3 bed 1 bath ranch style home, , attached 2 car garage, 1/3 acre yard- Purchased foreclosed for $220,000 with a 30 year fixed rate loan @ 3.875% - PITI $1385/monthI worked with my local bank to build in renovation funds into the actual loan, where I would pay to have work done to improve the property (new roof, heating system, flooring, etc) and the bank would inspect the work then release funds to me to reimburse for the cost of each repair as they were madeAfter Renovation- 1278 sq ft (finished basement added 415 sq ft)- 3 bed 2 full baths- Appraised Value $385,000The first 6 months in the property was spent doing new roof, heating system, refinishing existing hardwoods (hidden under grey shag rug), new SS appliances, new paint inside and out, finished basement (added another living room, office/bedroom, and full bathroom)For the refinanceI was quoted by my local bank for a 30 year loan a 4.875% interest rate. 

In the previous example I just cut the tree down and had roto rooter clean the line out one final time.

@Raul R.I am not an expert in short-term rental rules in NYC.My understanding is that it can only be deemed legal if the host does it in an apartment that is deemed commercial and below 4 stories.With that - I take it that anyone doing a STR in a building 4 stories or more is illegal.Furthermore - people who are doing a STR in a building 4 stories or less where the building is not deemed commercial - then it is illegal.A lot of people are playing outside those white lines.

It looks like I would be a good option for saving the FHA for further down the line and not being confined to the smaller pool of areas where there is no income limits.As for locations - I've been looking in Centennial, Englewood, Arvada, Berkeley for the time being.

I have asked other friends who farm the area and they say the cash rent we get for the land is in line with what normal crop leases are in the area.